“The boomers are getting older. As you age, or as the population ages, they go out to eat much less. They’re eating at home a lot more. That’s taking a little wind out of the sails of foodservice.

“Millennials are starting to have children. So more of their disposable income is being spent on other things than going out to eat. That’s taking some of the potential out of the business.”

Baby boomers, the generation born between 1946 and 1964 (though definitions tend to differ), are retiring. Roughly 76 million people were born during this period, and that group has had a pretty major impact on society in general. Some industries are affected more than others—for instance, a flourishing healthcare industry and a booming elder care business.

In general, people eat out less often as they age. In 2017, according to federal data, the typical American spent nearly 44% of their food dollar food away from home. That percentage typically peaks for people under 25—who had mean food spending of nearly 50% on restaurant food.

People 75 and older, however, spent 38% of their food dollar on food away from home.

And seniors simply spend less on food in general. People 35-44, for instance, spent $4,249 at restaurants in 2017, more than any other age group. But people 65 and older spent $2,511. That’s 41% less than the younger group.

That same survey found more than half had balances far behind typical retirement fund benchmarks and 26% had retirement balances of under $50,000, “an amount that is insufficient for people nearing retirement age.”

It’s also a group contending with all sorts of financial issues. It is heavily in debt and has had to deal with soaring home prices.

The good news is that this group, the oldest members of which are in their mid-30s, is getting to an age in which they spend more overall on dining out. But that won’t make up for the retirement of the baby boom population.